your retirement lifestyle workbook

Your Retirement Lifestyle

WORKBOOK

© 2017 PIEtechSM, Inc. Confidential. MGP_8001_0217 1

Purpose of This Workbook and Helpful Checklist This workbook is designed to help you collect and organize the information needed to develop your Retirement Plan which includes your goals and the resources available to fund them. Gathering information from the checklist below will help you move through workbook. It’s a good idea to gather as much of this information as possible before you start filling in the workbook.

Statements: These statements may be helpful throughout the workbook.

o Social Security Administration

o Bank

o Investment

o Retirement accounts

o College savings accounts

o Mortgage

Retirement goals and associated costs Consider what you might need or want in retirement and how much the items you select might cost.

o Basic living expenses

o Health care

o Car/truck

o Travel

o Home improvement

o College / education

o Providing care for a loved one

o New house

o Start a business

o Other major purchase

o Leave a bequest

o Other

Retirement income Consider the source of income in retirement and the amount.

o Social Security benefits

we’ll estimate them for you, unless you have your own amount to enter.

o Pension

o Annuity Income

o Alimony

o Part-time work

o Other

Investment assets You will be able to enter totals for each of these asset types (for example, the total of all your Roth IRAs):

o Employer-sponsored plans

o Traditional IRAs

o Roth IRAs

o Taxable assets, e.g., stocks, bonds, CDs

o Tax-deferred accounts

o Tax-free accounts

o 529 college savings plans

o Other

Other assets Select other assets you may have and estimate the dollar value.

o Home(s)

o Collectibles

o Personal property

o Business

o Real estate

o Life insurance with cash value

o Inheritance or gift

o Other

Liabilities or debt (total amount): o Mortgages

o Equity lines of credit

o Vehicle loans

o Business loans

o Credit cards

o Personal lines of credit

o Education or student loans

o Other

Other information: o Contributions and additions

currently being made to retirement savings plans

o Projected employee benefits

o The date when major liabilities end

o Other life insurance policies

Thank you in advance for taking the time to gather some of this information so we can focus on the fun stuff: developing a plan that addresses your goals, hopes, and dreams in retirement.

2 MGP_8001_0217 © 2017 PIEtechSM, Inc. Confidential.

Get Started on Your Retirement Plan

Personal Information

Client (C) Co-Client (Co)

Name

Gender Male Female Male Female

Date of Birth / / / /

Employment Status Employed Retired

Business Owner Homemaker

Employed Retired

Business Owner Homemaker

Employment Income $ $

Other Income

(non-investment only)

$

$

Net Worth (Approx.) < $250K $250K - $500K $500K - $1M $1M - $2M >$2M

Marital Status State of Residence

Children and Grandchildren (or any other participant included in this plan)

Name Date of Birth Relationship

/ / age:

/ / age:

/ / age:

/ / age:

Expectations & Concerns - What do you most look forward to? What concerns you? Select what applies to you.

Retirement Expectations

At Retirement Retirement Concerns

At Retirement Degree

C Co Both C Co Both High/Med/Low

Active Lifestyle Money Concerns

Quiet Lifestyle Not having a paycheck

Opportunity to Help Others Running out of money

Moving to a New Home Suffering investment losses

Work by Choice Leaving money to others

Time to Travel Health Concerns

Start a Business Cost of health care or long-term care

Time with Friends & Family Current or future health issues

Less Stress - Peace of Mind Dying early

Living too long

Getting ill

Personal & Family Concerns

Being bored

Parents needing care

Something Else/Other Concerns

Top Five Concerns in Retirement: 1. Running out Money. 2. Cost of health care or long-term care.

3. Suffering investment losses. 4. Current or future health issues. 5. Not having a paycheck anymore.


Retirement Age

Retirement Age If already retired, skip to Living Expense When would you like to retire? Enter your Target Retirement Age. Then, indicate how willing you are to delay retirement beyond that age, if it helps you fund your Goals.

Client Co-Client

Target Retirement Age Age: Age:

Not at All Not at All How willing are you to retire later (if Slightly Slightly necessary) to attain your Goals? Somewhat Somewhat Very Very

What order of retirement do you prefer?

Both retire Either can

in the same retire first.

year.

Only Client can Only Co-Client

retire first. can retire first.

Planning Age

How long will you live in retirement? With Americans living longer, it’s a good idea to consider how long you think you will live. This is important because your plan will need to cover how long you live in retirement.

Client Co-Client

Are you a smoker Yes No Yes No

For your age, how would you rate your health?

Poor Good Excellent

Poor Good Excellent

If you compare your

family members to Shorter than average About Average Shorter than average About Average

others, how long do Longer than Average Longer than Average they tend to live?


Let’s Talk About Your Goals

Taking time to define your goals in retirement is important. You’ll want to prioritize your goals into needs, wants and wishes and ensure that you know what it will take to pay for each of your goals. Needs are the critical items such as basic living expenses (housing, food, clothing), health care, and a car or transportation. Wants are those items that are really important to you and wishes are things that aren’t necessary but would be the icing on the cake.

Prioritizing your goals will help you be aware of what you need to focus on funding and where you can make trade offs, if needed. There are no right or wrong answers - this is your plan and your retirement.

1. Still Have College Expenses?

If you still have college expenses to pay, it may be a good idea to start with the College Goal. • Enter all College Goals regardless if they occur before or during retirement. • Enter as many College Goals as you need for kids, grandkids or even yourself, undergraduate or graduate.

2. What’s Happening Before You Retire?

If you plan to use money from your Investment Assets (i.e., savings and investment accounts) to pay for any purchases or activities before you retire, you should create a separate Goal for each one.

• Review the Lifestyle Goals on the following pages and identify those that are important to you.

• DO create a Goal for expenses that will be paid (fully or partially) from Investment Assets (e.g., renovating the kitchen, or taking that BIG trip to Europe).

• DO NOT create Goals for any expenses that are paid entirely from your employment income (e.g., cars, annual vacations).

3. Retirement Lifestyle Goals - Start with the fun stuff! Add a Lifestyle Goal for each significant purchase or activity that will make your retirement satisfying and enjoyable. Lifestyle Goals are above and beyond what you need to pay the basic expenses of day-to-day living.

• Review the Lifestyle Goals again. Which ones are important to your retirement satisfaction?

• Dream a little (or a lot). Create all the Goals you’d like, even if you’re not sure you can afford them.

4. Retirement Living Expense

When would you like to retire? How willing are you to delay retirement in order to reach your Goals? Are you already retired? It’s time to identify the amount for your basic living expenses during retirement. The budget worksheet can assist you in determining this amount.

Identifying individual Lifestyle Goals can help you make better financial decisions, and increase the overall satisfaction you obtain from your money during the rest of your life. You may even discover that you can do more with your money than you ever expected.

Goal Importance Scale Use this scale in the next few Lifestyle pages to indicate the importance of each Goal on a scale of 10 - 1, with 10 being the most important. This exercise and rating groups your goals by Needs (what you must have), Wants (what you would like to have), and Wishes (what you wish to have).

Needs Wants Wishes

9 7 6 5 4 3 2 1


Needs: Lifestyle Goals Before and After Retirement

Living Expense Everyone must pay the bills. This Goal is for your basic day-to-day living expenses (e.g., food, clothes, utilities, etc.) during retirement. By making your Basic Living Expense a separate Goal, you can see exactly what it takes to pay the bills for the rest of your life. When you’re confident that you have your basic expenses covered, you can sleep better at night and feel free to enjoy spending money to fulfill your other Retirement Lifestyle Goals.

Importance Description Target Annual Amount

10

Living Expense $ or

Use Program Estimate if not Retired

Be sure you don’t “double count” any expenses during retirement. For example, if you entered a separate Goal for a car, don’t include the purchase cost of this car in your Living Expense, but do include all operating expenses (e.g., gas, taxes, maintenance). If you’re not sure how much money you need, use the Budget Worksheet.

Adjustments to Living Expense Your Retirement Living Expense amount may include some expenses that will end during retirement. When the expenses end, your Living Expense amount would be reduced. Please indicate any expenses that will end.

Description Annual Amount (current dollars)

Year Expense Will End

Check if amount inflates

e.g., Mortgage $ 16,000 2021

$

$

$

Health Care If you believe that Health Care costs, beyond basic expenses such as your Medicare supplement, are likely to be particularly significant for you or your family, use this Goal to separate those costs from your retirement living expense.

Importance High Low 10 1

Description

Start Target

Amount

How Often

How Many

Times

Year At Retirement

C Co Both

9 e.g., Extra Health Expenses 2029 $ 10,000 Annual 10

$

$

$

Car Chevy? Lexus? One of each? Is it time for a convertible or sports car? To be sure you’ll be driving

what you want, add separate Goals for buying cars during retirement. Don’t forget, you may have a trade-in. So use the amount you’ll need after subtracting the trade-in value from the new car price.


Description

Start Target Amount after Trade-In

How Often

How Many

Times

Year At Retirement

C Co Both

8 e.g., John’s SUV $ 30,000 Every 4 Yrs 6

$

$


Lifestyle Goals - Before and After Retirement

Some common goals that may fall under wants and wishes include:

Travel - One Special Trip and/or Recurring Travel Fund Is there one special place calling your name? Or do you want to travel every year? Create Travel Goals for one special trip, or for a recurring travel.

Home Improvement Do you have plans to renovate? Will you continue living in your current home? Create Goals for major home improvements and repairs.

College Goal If you plan to pay for all or part of a college education (or some other education program) for yourself, a child, or grandchild, make sure you have a Goal for it.

Provide Care for Someone If you need money to take care of someone you love (e.g., your mother in a nursing home, or a child with special needs), make sure you have a Goal to pay for it.

New Home Are you ready to trade-up or just want more space? Maybe it’s time for that vacation home you’ve always wanted. Make it a Goal and make it come true.

Major Purchase You’ve always wanted a ? A sail boat? A motor home? A hot tub? A snowmobile? Whatever it is, go for it. Fill in the blank, and make it a Goal.

Start Business If you plan to start a business or buy a business franchise, make it a Goal and make it a success.

Leave Bequest Do you want to leave something for the kids, your church or alma mater? Create bequests for the money you’d like to leave at your death to family, friends, charities and institutions.

Wedding Who’s getting married? Want to help pay for the wedding? If you plan to pay for all or part of the cost of a wedding, include it as a Goal.

Celebration What special events do you look forward to celebrating? Do you have a Bar Mitzvah, Bat Mitzvah, family reunion, anniversary or retirement party in your future? A celebration can make a great Goal.

Private School Do you want to give your kids or grandkids the benefit of a private school education? Make it a Goal.

Gifts - Donations - Help Is it time to give back? Or maybe your parents or kids need help. Use Gift Goals for anything from holiday presents to cash gifts for family members or organizations.

Anything Else / Other Did we miss something? If it’s expensive or important and doesn’t have its own picture – make it an Anything Else Goal, but be sure to add a good description.


Wants: Lifestyle Goals Before and After Retirement


Description

Start

Target Amount

How Often

How Many

Times

Year At Retirement

C Co Both

$

$

$

$

$

$

$

$

$

$

$

$

$

$

Wishes: Lifestyle Goals Before and After Retirement


Description

Start

Target Amount

How Often

How Many

Times

Year At Retirement

C Co Both

$

$

$

$

$

$

$

$

$

Want/Wish: Leave Bequest Goal


Description

Recipient

When Will This Bequest Be Given?

Target Amount

End of Plan

C Co Both

2 e.g., Bequest to My College State College $ 100,000

$

$

$


Retirement Income Identify all the resources you have to fund your Goals. Don’t worry about determining the exact amounts.

Social Security Benefits - if available, provide your Social Security estimate statement.

Client Co-Client

Are you eligible? Yes No Receiving Now Yes No Receiving Now

Amount of benefit

$ Use Program Estimate

Primary Insurance Amount (PIA) $

$ Use Program Estimate

Primary Insurance Amount (PIA) $

When to start

at Full Retirement Age (per Social Security)

at age at retirement

at Full Retirement Age (per Social Security)

at age at retirement

Part-Time Work & Other Retirement Income - Don’t include interest or dividend income from your investments. Include income from part-time work, rental property, annuities, royalties, alimony, etc. All amounts are pre-tax and begin at retirement unless otherwise noted.

Description

Client Co-Client

Monthly Income Yr It Ends or

No. of Yrs Monthly Income

Yr It Ends or No. of Yrs

e.g., Part-time $ 1,000 5 $

$ $

$ $

$ $

$ $

Pension Income - If available, provide your pension statement. If you have a lifetime pension, put “End of Life” in “Year It Ends” column.

Description

Whose is it?

Monthly Income

Yr It Ends or

No. of Yrs

% Survivor

Benefit

Check if amount inflates

C Co

e.g., ABC Pension $ 1,500 End of Life 50%

$

$

$


Investment Assets Identify all the resources you have to fund your Goals. Don’t worry about determining the exact amounts, reasonable estimates are fine. If available provide your investment statements.

Client

Investment Type

Current Value

Annual Additions

Approximate Allocation

Cash Bond Stock

Retirement Plans (e.g., 401k, 403b) $ $ or % % % %

Employer Match $ $ or %

Traditional IRA $ $ % % %

Roth IRA $ $ % % %

529 Savings Plan $ $ % % %

Annuities $ $ % % %

Cash Value Life Insurance $ $ % % %

Taxable $ $

Co-Client

Investment Type

Current Value

Annual Additions


Cash Bond Stock

Retirement Plans (e.g., 401k, 403b) $ $ or % % % %

Employer Match $ $ or %

Traditional IRA $ $ % % %

Roth IRA $ $ % % %

529 Savings Plan $ $ % % %

Annuities $ $ % % %

Cash Value Life Insurance $ $ % % %

Taxable $ $ % % %

Joint Accounts

Description

Current Value

Annual Additions


Cash Bond Stock

$ $ % % %

$ $ % % %

$ $ % % %

Joint Accounts

Could you save more to fund your Goals? Yes No

If yes, enter the maximum extra amount you could save each year in addition to the amounts above: $

Use program estimate of 5% of employment income

How willing are you to save more? Not at All Slightly

Somewhat Very


Other Assets

Primary Residence Business

If you intend to sell this home or business to fund your Goals, enter the following:

Description

Year to Sell Estimate of Cash Received (after-tax)

Enter Year

At Retirement Low

Expected

High

C Co Both

Primary Residence $ $ $

Business $ $ $

Other Assets (Other Homes, Real Estate, Personal Property, Collectables, Inheritance)

Description

Owner

Current Value

Planning to

sell this asset?

Year Sell / Received

Cash Received (After-tax)

C

Co

Joint

Yes No

Only If Needed

Yes No

Only If Needed

Yes No

Only If Needed

Yes No

Only If Needed

Liabilities

Description Owner Current

Balance Monthly Payment

Term Interest

Rate C Co Joint

Owner

Current Value $

Growth Rate %

Owner

Current Value $

Growth Rate %


Two thirds of all investors score between 40 and 60, and only in 1000 select a score lower than 20 or greater than 80. Does your score feel right as you compare yourself to others?

Risk Score

How much market risk are you willing to accept? On a scale of 1 to 100, with 1 being the lowest risk and 100 being the highest risk, what’s your risk score?

Household Men Women

Age Group > 64 50-64 < 50 > 64 50-64 < 50 > 64 50-64 < 50

Avg Score 47 50 54 50 54 59 45 48 52

Additional Considerations

Do you have any of the following? If available, provide statements.

Other Information

Client Co-Client Notes

Stock Options Yes No Yes No

Restricted Stock Yes No Yes No

Deferred Compensation Yes No Yes No

Small Business Ownership Yes No Yes No

Insurance - have your insurance reviewed and analyzed to see if you have enough coverage.


Group/Term Life Insurance Yes No Yes No

Death Benefit $ $

Cash Life Insurance Yes No Yes No

Death Benefit $ $

Cash Value $ $

Disability Insurance Yes No Yes No

Long Term Care Insurance Yes No Yes No

Estate - completing this section can help review your Estate plans.


Will? Yes No Yes No

Including a provision for a Bypass Trust? Yes No Yes No

Date documents were last reviewed / / / /

Medical Directive? Yes No Yes No

Power of Attorney? Yes No Yes No

Household Client Co-Client


Budget - Optional to Help Determine Basic Living Expense

Personal & Family Expenses Current Retirement

Alimony $ $

Bank Charges $ $

Business Expense $ $

Cash - Miscellaneous $ $

Cell Phone $ $

Charitable Donations $ $

Child Allowance/Expense $ $

Child Care $ $

Child Support $ $

Clothing $ $

Club Dues $ $

Credit Card Debt Payment $ $

Dining $ $

Entertainment $ $

Gifts $ $

Groceries $ $

Healthcare $ $

Hobbies $ $

Household Items $ $

Laundry/Dry Cleaning $ $

Personal Care $ $

Pet Care $ $

Recreation $ $

Vacation/Travel $ $

Other $ $

TOTAL $ $

Home Expenses Current Retirement

Mortgage / Rent $ $

Equity Line $ $

Real Estate Tax $ $

Homeowner’s Insurance $ $

Association Fees $ $

Electricity $ $

Gas/Oil $ $

Trash Pickup $ $

Water/Sewer $ $

Cable/Satellite TV $ $

Internet $ $

Telephone (land line) $ $

Lawn Care $ $

Maintenance $ $

Furniture $ $

Other $ $

TOTAL $ $

Personal Insurance Expenses Current Retirement

Disability for Client $ $

Disability for Spouse $ $

Life for Client $ $

Life for Spouse $ $

Long Term Care for Client $ $

Long Term Care for Spouse $ $

Medical for Client $ $

Medical for Spouse $ $

Umbrella Liability $ $

Other $ $

TOTAL $ $

Vehicle Expenses Current Retirement

Loan / Lease $ $

Insurance $ $

Personal Property Tax $ $

Fuel $ $

Repairs / Maintenance $ $

Parking / Tolls $ $

Other $ $

TOTAL $ $

Total All Expenses Current Retirement

Personal & Family Expenses $ $

Vehicle Expenses $ $

Home Expenses $ $

Personal Insurance Expenses $ $

TOTAL $ $


Notes:

34500 Chardon Rd. Suite #3 Willoughby Hills, Ohio 44094

440-252-2449 www.otiumfinancialplanners.com

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra

Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Otium Financial Planners is not affiliated with Kestra IS or Kestra A

http://www.otiumfinancialplanners.com/

your retirement lifestyle workbook

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